239 West Lake Cir · Madison, AL 35758

$334,900

3 bd · 1.0 ba · 2,100 sqft · Condo public records · 31 Days on market

Built 1989 $47/mo HOA · 2% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +6.6/30.0
• Schools +5.6/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• DSCR +0.9/10.0
• 1% rule +0.8/10.0

Listing remarks

Beautiful 3 BR, 2.5 BA townhouse with att. 2-car gar in sought-after Edgewater! Crown molding, hardwood floors, and tile add timeless style throughout. The spacious great room features a wood-burning fireplace, built-ins, and abundant storage, opening to the formal dining room. Kitchen offers a lg island w/ seating, ample cabinetry, Corian countertops, & tile backsplash. The prim. suite incl. a double-trey ceiling, 2 walk-in closets, and updated ensuite bath. Enjoy a private covered deck plus addtl. outdoor living space. Community amenities incl. a 140-acre lake w/ fishing, walking trails, clubhouse w/ fitness ctr, pool, tennis courts, playgrounds. Less than 3 miles from Town Madison

Key facts

• Community amenities
• 140 acre lake
• Private covered deck

Tags

• WOOD BURNING FIREPLACE
• PRIVATE COVERED DECK
• COMMUNITY AMENITIES
• 140 ACRE LAKE
• WALKING TRAILS
• CLUBHOUSE WITH FITNESS CTR

Property features AI

Finance

• Other: Located in the Steeplechase West subdivision
• HOA & community: Neighborhood association with annual fee of $565; Community amenities: clubhouse, playground, tennis courts, walking trails, street lights, sidewalks, curbs

Exterior

• Parking: Attached two-car garage (garage faces rear)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Built in 1989
• Construction: Brick construction
• Exterior features: Covered deck and additional deck; Curb and gutters; Sidewalks; Underground utilities; Concrete driveway; Access to neighborhood lake

Interior

• Kitchen: Range; Dishwasher; Microwave
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Central heating; Central cooling
• Interior features: Fireplace (1, exterior-facing); Crawl space basement; Nine total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $335k.

Deal economics

• At list price, monthly cash flow is $-549 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $238k (29.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (42.4% below list).
• Recommended offer: $193k (42.4% below list) — sets the bar for 1% rule.
• Cap rate 4.3% vs local median 2.6% in Madison — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 76/100 on livability (#12 in AL, #3,280 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities F, commute F.
• Madison City (suburban): math 51% / reading 71% proficiency, ranked #4 of 129 in AL (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Madison Elementary School (math 53% / reading 72%, grade B, #51 of 627 statewide, top 8%, 505 students, 27% FRL); Discovery Middle School (math 46% / reading 69%, grade B, #13 of 257 statewide, top 5%, 1,334 students, 25% FRL); Bob Jones High School (math 53% / reading 51%, grade D+, #11 of 305 statewide, top 4%, 1,920 students, 24% FRL).
• Market conditions: Rents rising (+1.6%/yr); 390 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 4,709 units permitted in Madison County in 2024 (1,186 in 5+ unit buildings).

Forward outlook

• In year one you build about $36k of equity ($2k loan paydown + $33k appreciation (10.0% local appreciation)).
• Madison County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$58k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($325k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $195k; list at $335k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $193,059 (42.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.58% ✗
• Cap rate: 4.33%
• Cash-on-cash: -7.03%
• DSCR: 0.69
• GRM: 14.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 1.58% rent growth · sell at horizon

5-year hold

• IRR: 19.0%
• Equity multiple: 2.54×
• Total profit: $144,587
• Equity at exit: $301,704

10-year hold

• IRR: 17.3%
• Equity multiple: 5.78×
• Total profit: $447,844
• Equity at exit: $650,637

Cash invested: $93,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Alabama: 90 Strongly Landlord-Friendly · R+15
• County: — inherits STATE
• City: — inherits STATE

Right-to-evict in 7 days for non-payment; no rent control; preempted statewide; courts move quickly.

Methodology + full state rankings →

ZIP-level market 35758

• Home prices YoY: 4.2%
• Rents YoY: 1.6%
• Active inventory: 390
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $1,931 high
• Mortgage (P&I): −$1,756
• Tax from tax record: −$131 /mo · $1,577/yr
• Insurance: −$140
• HOA: −$47
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $-549

Break-even live

Break-even rent $2,626

Max offer price $237,906

Occupancy floor —

Sensitivity live

Price	-10% $-359	-5% $-454	+0% $-549	+5% $-644	+10% $-739
Rent	-10% $-702	-5% $-625	+0% $-549	+5% $-473	+10% $-397
Rate	-1.0pp $-380	-0.5pp $-464	base $-549	+0.5pp $-636	+1.0pp $-724

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $83,725
• Closing costs: $10,047
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
248 W Lake Cir Madison, AL	2.0	2.0	1764	$1,625	$0.92	25d	1	0.05mi
234 W Lake Cir Madison, AL	2.0	2.0	1976	$1,695	$0.86	45d	1	0.06mi
122 W Lake Cir Madison, AL	2.0	2.0	1881	$1,695	$0.90	45d	1	0.06mi
102 W Lake Cir Madison, AL	3.0	2.5	2150	$1,700	$0.79	15d	1	0.09mi
108 Napolean Ave Madison, AL	4.0	3.5	2761	$3,650	$1.32	25d	1	0.32mi
107 Poydras St Madison, AL	3.0	2.0	2457	$3,450	$1.40	22d	1	0.34mi
153 Canterbury Dr Madison, AL	3.0	2.0	1730	$1,950	$1.13	22d	1	0.41mi
118 Canterbury Dr Madison, AL	3.0	2.0	2031	$2,300	$1.13	45d	1	0.50mi
531 Town Madison Blvd Madison, AL	3.0	2.5	2332	$3,195	$1.37	45d	1	0.52mi
102 Spinnaker Ridge Dr SW Huntsville, AL	3.0	2.5	2150	$2,100	$0.98	45d	1	0.85mi
515 Dunlop Blvd Huntsville, AL	1.0–3.0	1.0–2.0	1110	$1,674	$1.51	15d	32	0.94mi
103 Rainwood Dr SW Huntsville, AL	4.0	2.5	2155	$2,400	$1.11	45d	1	1.00mi
119 Windsor Hill Rd SW Unit 119 Huntsville, AL	3.0	2.5	1768	$1,800	$1.02	25d	1	1.08mi
350 Lime Quarry Rd Madison, AL	1.0–3.0	1.0–2.5	1137	$2,450	$2.15	45d	1	1.23mi
126 Windridge Way SW Huntsville, AL	4.0	2.5	2845	$3,300	$1.16	45d	1	1.43mi
325 Acorn Grove Ln SW Huntsville, AL	4.0	2.0	1950	$2,200	$1.13	15d	1	1.45mi

HOA detail condo

• Monthly dues: $47 · $564/yr
• Likely covers: waterlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-22
   days on market $334,900 Active 31 DOM
2. 2026-06-18
   days on market $334,900 Active 28 DOM
3. 2026-06-17
   days on market $334,900 Active 27 DOM
4. 2026-06-16
   days on market $334,900 Active 26 DOM
5. 2026-06-15
   days on market $334,900 Active 25 DOM
6. 2026-06-14
   days on market $334,900 Active 23 DOM
7. 2026-06-10
   days on market $334,900 Active 20 DOM
8. 2026-06-09
   days on market $334,900 Active 19 DOM
9. 2026-06-08
   days on market $334,900 Active 18 DOM
10. 2026-06-07
    days on market $334,900 Active 17 DOM
11. 2026-06-03
    days on market $334,900 Active 13 DOM
12. 2026-06-02
    days on market $334,900 Active 12 DOM
13. 2026-06-01
    days on market $334,900 Active 11 DOM
14. 2026-05-31
    days on market $334,900 Active 10 DOM
15. 2026-05-30
    days on market $334,900 Active 9 DOM
16. 2026-05-21
    listed $334,900 Active
17. 2008-09-15
    soldstatus $195,000
18. 2006-07-26
    soldstatus $218,700
19. 2005-11-01
    soldstatus $194,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast AL · Resets to sale price

• Current annual tax: $1,577 · $131/mo
• Projected year-2 tax: $1,577 · $131/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,167
• − Mortgage interest: −$18,760
• − Property taxes: −$1,577
• − Insurance: −$1,674
• − Repairs & maintenance: −$1,853
• − Management: −$1,853
• − HOA: −$564
• − Depreciation: −$9,743
• Taxable loss: −$12,857
• Est. tax savings @ 24.0%: +$3,086
• After-tax cash flow: $-3,503/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Madison City
• NCES district ID: 0100008
• Math proficiency: 51% ▼ -25.00%
• Reading proficiency: 71% ▼ -2.00%
• Median HH income: $89,091
• Composite: 55.56/100
• National rank: #1238
• State rank: #4 of 129 in AL

Livability — Madison

• Score: 76/100
• State rank: #12
• US rank: #3280

Category grades

Amenities F Commute F Cost of living B Crime B+ Employment A+ Housing A+ Health & safety B- User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, AL
• County: Madison County · 380,832 people
• City population: 93,742
• Metro: Huntsville, AL
• Population (ZIP): 50,266
• Household income: $117,380
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 875.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 392,086 people
• By 2030: 409,788 · +4.5%
• By 2040: 440,557 · +12.4%
• By 2050: 460,990 · +17.6%
• By 2075: 502,872 · +28.3%
• By 2100: 513,623 · +31.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 14% Hispanic / Latino 8% Asian 7% Two or more races 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 3% Italian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, South Korea, Vietnam
• Languages at home: 87% English-only · Spanish 5% Other Asian/Pacific 2% Chinese 1%

Political lean MEDSL · Madison

• 2024 margin: Lean R (+9.0) · D 44.7% · R 53.7% · Other 1.6%
• 2008→2024 swing: +6.0pp toward D · 2008: -14.9pp · 2024: -9.0pp
• All cycles: 2024: R+9.0 2020: R+8.0 2016: R+16.8 2012: R+18.7 2008: R+14.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 14.46%
• Current HPI: 355.2784
• Rent YoY: ▲ 1.58%
• Metro: Huntsville, AL
• State GDP YoY: ▲ 2.94%
• F500 in state: 4

Industry mix (Fortune 500 HQ in AL)

Industry	F500 HQs	Revenue
▸Financial Services	1	$8B
▸Healthcare	1	$5B

Price history

+72.6% since first listed

4 events — show timeline

• 2026-05-21 Listed $334,900 VMLS
• 2008-09-15 Sold (Public Records) $195,000 Public Records
• 2006-07-26 Sold (Public Records) $218,700 Public Records
• 2005-11-01 Sold (Public Records) $194,000 Public Records

Property tax history

+4.6%/yr

Latest (2024): $1,577 · +0.0% YoY. Source: county tax records.